Everyone can benefit from proper estate planning (see “Why Everyone Needs a Will”), but for one group in particular it is absolutely critical: Parents with minor children (children under 18). Estate planning is most critical for parents of minor children because if the unthinkable happens and the children are left without living parents, these children will need a guardian.
Washington state allows parents to designate guardians in their Wills, and the court in a guardianship proceeding will almost always honor the parents’ wishes. But if guardianship is needed and the parents haven’t planned for this in a Will, it would be up to the court to find someone. And the last thing you want is for a random judge to determine who will raise your children.
Naming a guardian is the most important consideration for parents with minor children, but providing for them financially in case the unthinkable happens is also very important. Minors cannot inherit money, so anything you leave them will need to be in either a custodial account or a trust. If there is no trust in place for your children, your money will be put into a custodial account until they reach 18.
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Even if your child is the mythical fiscally responsible 18-year-old, only heard about in legend, you may not want them to have the burden of managing assets at that age. The best thing is to have documents in place that would create Trust for your children to responsibly manage and distribute the money until they reach a better age.
Estate planning can be daunting, especially when minor children are involved. We offer our clients flat rates depending on their unique needs and we remain available to answer their questions every step of the way. Learn more about the benefits of our flat-fee packages.
To speak with Robert about your options schedule a free consultation with Robert to receive a personalized quote or visit our website for more information.
Service Areas:
Eastside Estate Planning is dedicated to providing estate planning, last will, and trusts services to individuals and families in the following areas:
Bellevue | Redmond | Monroe | Duvall
If you reside in any of these locations and are in need of professional estate planning assistance, we are here to help. Robert is committed to delivering personalized and top-quality estate planning solutions to clients within these cities. Contact us today to discuss your estate planning needs and secure the future of your assets and loved ones.
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